EUR/USD, GBP/USD and NZD/USD on the rise after recent dollar strength

EUR/USD, GBP/USD, and NZD/USD are on the rise, but questions remain over whether this will be long-lasting or fleeting in nature.

EUR/USD rises from key support level

EUR/USD has once again rebounded from the $1.1754 support level, with the pair pushing upwards as we head towards the weekend. However, with lower highs and flatlining lows established this month, there is a good case for expecting this current rise to falter once again.

Should this rally be a retracement, then the 76.4% Fibonacci resistance level at $1.1875 would look a good potential shorting opportunity. It is worthwhile noting that the wider bullish trend does still remain in play, yet the repeated return to that $1.1754 level does signal the potential for a top to be coming into play. A break through the $1.1917 level would be required to bring a renewed bullish outlook.

GBP/USD rises towards swing high

GBP/USD has been gaining ground as it pushes towards the $1.3035 swing high this morning.

The volatility seen yesterday highlights the potential for another bearish turn from here, with the short-term downtrend still in play unless we see a break through the $1.3035 swing high. As such, today's price action will be key, with the ability or inability to break through $1.3035 telling us a lot about where we go from here.

NZD/USD breaks into fresh 17-month high

NZD/USD has continued its rise, with the pair pushing through the $0.6790 level to bring about a fresh bullish signal.

The wider uptrend remains intact, with further gains looking likely before long. A break below the $0.6675 level would bring a more negative outlook, with a bullish view in play unless that happens.


This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
-
-
-
-
-
-
-
-
-
-
Sell
Buy
-
-
-
-
-
-

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.